Saudi Arabia’s National Gas and Industrialisation Company (Gasco) has signed a non-binding memorandum of understanding (MoU) with Front End Company and Aburi Composites to study the feasibility of developing and operating a manufacturing facility for composite cylinders, the company said in stock exchange statement.
The move will help the Tadawul-listed firm strengthen its gas supply chain investments and localisation opportunities, the statement said.
The MoU term period is one year, which can be extended upon mutual consent.
UK-based Aburi is an international supplier of composite LPG cylinders, and offers integrated solutions for manufacturing composite cylinders, while Front End Company is a Saudi-based investment advisory services company, according to the statement.
In May, Gasco had signed an MoU with Denmark-based Makeen Energy to study the feasibility of forming a company to establish, manage, operate and maintain gas facilities, stations and networks. The new company will also work to convert plastic waste to oil products, it had said.
(Writing by Senthil Palanisamy; Editing by Anoop Menon)